Do you need to short sell your home?
What is a short sale? A short sale is when the value of a home is less than what is owned. This situation is usually caused by home prices in a market rapidly declining.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can get the lender to forgive the difference.
What steps do I take in a short sale?
First, find out the true market value of your home. Since hiring a licensed appraiser may not work with your already tight budget, a knowledgeable local real estate agent that knows the current conditions of the Grand Prairie real estate market is the best way to get a realistic estimate of your home's worth.
When you're ready to get started,
contact me through my site or
e-mail me. I'm glad to address questions you have regarding real estate short sales.
Next, determine your closing costs. My work in this area has taught me to take into account fees like title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at the closing table.
Finally, call your lender and let them know of the situation. They may even have a special team that handles short sales. Ask about their specific process. Some lenders will be more willing to work with you than others. They may be able to reduce your loan principal or make other arrangements. Your lender will have to give approval for the final sale.